This compound is primarily utilized in the field of catalysis, particularly in the synthesis of complex organic molecules. It serves as a ligand in transition metal-catalyzed reactions, facilitating the formation of carbon-carbon and carbon-heteroatom bonds. Its structure allows for efficient coordination with metals, enhancing reaction rates and selectivity. It is often employed in asymmetric catalysis, enabling the production of chiral compounds with high enantiomeric purity. Additionally, it finds application in the development of new materials, where its ability to stabilize metal centers is leveraged to create advanced polymers and coordination complexes. Its versatility makes it valuable in both academic research and industrial processes.